We really try to think like business owners. This means we try to judge the performance of a company or an investment by the underlying business progress rather than the shorter-term movement in market prices”
We set out to preserve our clients' wealth by focusing on sustainable long-term growth. When investing our clients' money, alongside our own, we are guided by the principles below.
Long-term thinking creates greater value
A long-term investment horizon allows us to cut through short-term noise and focus on what really matters. We can act and think like business owners and build active partnerships with the companies and funds that we invest in. We believe this creates real value for our clients.
Owning great businesses preserves and grows wealth in real terms
Even modest levels of inflation erode the real value of capital over time. Our investment objective is to outpace inflation and generate sustained returns. We do this by finding high quality companies with pricing power and high barriers to entry.
Sustainability is a fundamental investment issue
Sustainability factors cannot be separated from economic factors as they are inherently part of the long-term risks and opportunities of any company. Sustainability analysis is explicitly integrated into our investment process. As long-term investors, we want to own high-quality businesses that have resilient business models and sustainable business practices.
Navigating market downturns is a critical part of the journey
We seek assets that provide genuine protection in periods of market stress. This allows us to be on the front foot and smooths the journey for our clients. Our in-depth research on companies means that we invest with conviction while minimising the risk of permanent capital loss. Taken together, we build sensibly diversified portfolios, combining investments in high-quality companies with true diversifiers.
Building from the bottom up
We often speak about our bottom-up investment approach. However, in this Quarterly Letter, we (ironically) take a look at this approach from a top-down perspective, outlining our investment objective, as well as the people and processes that work to achieve this.
Investing for the long term
We seek to be responsible custodians of our clients' capital, investing in a way that is sustainable, sensible, focused and patient.
The big ideas and important details behind our approach to preserving your wealth for the long term.
01 January 2023 | 25 mins
As a family-run business in its seventh generation, our focus is on the long term: to preserve and grow your wealth not only for this generation but for those to come. In this Quarterly Letter, we discuss the important issues surrounding legacies and succession.
19 December 2022 | 5 mins
Recent policy moves by the four western central banks took the total interest rate increase in the last year to nearly twelve percentage points. In this Strategy blog, we take a look at the current inflationary episode and the ensuing effects on the economic environment.
15 December 2022 | 30 mins
With geopolitical risk still present and impossible for markets to ignore (though tensions may not necessarily increase further), we are left facing the cyclical question of whether inflation can subside without an economic slump. In this edition of Market Perspective, Kevin Gardiner and the Strategy Team briefly revisit the UK's fiscal events before discussing COP27.